Global Crowdfunding Event offers Key Takeaways for Entrepreneurs
Iconic Silicon Valley startups like Twitter and Uber have gone a long way to raise awareness among ambitious minds for the possibilities available to budding entrepreneurs. However, one common misconception from massive fundraising successes of these companies is that all great startups depend on dollars from venture capitalists.
While it’s true that the amount of venture capital investment dollars has been on this rise again in 2014, there have never been more resources for bootstrapping a business. The crowdfunding industry has grown 1,000% in the last five years, and is projected to rise as high as $3.2 trillion by 2020. With so much opportunity just a few mouse clicks away, it’s essential to understand the ins and outs of the crowdfunding, its best practices and techniques, and the future of the industry. This is why for the past two years, through matching grants for public space projects, the Michigan Strategic Fund and Blue Water Angels/MMIC, MEDC has provided training support to companies who are interested in crowdfunding. We feel that it is important for companies to understand the implications and responsibilities, as well as the opportunities that come with crowdfunding. Last week I joined an incredible group of experts in Las Vegas for the 3rd Annual Global Crowdfunding Convention & Bootcamp. I was honored to sit on panels with some of the most influential people in the crowdfunding industry for important discussions on how to work together on strategies to help each other grow and succeed in this exploding industry. Michigan was one of the first states to allow intra-state crowdfunding, and we have seen some exciting companies grow by effectively using this fundraising tool. View my recap of the conference on Storify or search the hashtag #GCCB2014 on Twitter to find some of the key takeaways from the event. I look forward to implementing the strategies I learned in Las Vegas here in Michigan to benefit bootstrapping entrepreneurs all over the state. We already know that Michigan is home to the most innovative entrepreneurs in the world – now it’s time for us to show the world.